7 Wealth Creation Rules: The Mindset Changes That Will Set You Free
Say someone could offer you one piece of advice that could magically transform your finances for the better — and all you have to do is drastically shift your way of thinking.
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Many people grew up with a set of beliefs around money that hinder financial growth, but according to experts, it’s possible to break free from these constraints.
“Adopting a mindset of abundance rather than scarcity can be a game-changer in wealth creation,” said Andrei Vasilescu, co-founder and CEO of DontPayFull.
“Shifting focus from limitations to possibilities opens up new opportunities for financial growth,” he said. “Additionally, embracing a willingness to take calculated risks and see failures as learning experiences can propel individuals toward wealth-building success.”
Here are the top wealth creation rules experts say will set you free.
Develop a Long-Term Focus
“The single biggest mindset change you can make that will help you build wealth is shifting to a long-term focus,” said Ann Martin, director of operations of CreditDonkey.
“Having a short-term focus on your finances makes it far too easy to develop negative money habits, such as unnecessary spending. However, thinking long-term will help you keep your bigger-picture financial goals in mind,” she explained.
Vasilescu advocated for the same. “Prioritizing long-term financial goals over short-term gratification fosters discipline and resilience in the pursuit of wealth.”
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Always Be a Student
Becoming financially literate empowers you to make more informed decisions, understand investment options and navigate economic fluctuations.
For this reason, experts recommend regularly updating your financial knowledge.
Vasilescu noted that cultivating this habit of continuous learning and self-improvement is important for adapting to changing economic landscapes and identifying new avenues for wealth creation.
One way to do this, he said, is by recognizing the value of seeking mentorship and building a network of like-minded individuals who can provide you with invaluable support and guidance on your wealth creation journey.
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Don’t Be Afraid to Fail
Another important mindset that can help you build wealth, according to Harrison Tang, co-founder of Spokeo, is to view failure as success.
“People take failure as a setback and give up,” he noted. “However, it is important to see failure as a learning opportunity. When you take failure to be success, you have already made it halfway through building your wealth.”
Cultivate a Growth Mindset
“Having a growth mindset means believing in your ability to learn and grow through hard work and experience,” said Angela Wang, property investor and owner of We Buy Houses 7.
“It’s about seeing challenges as opportunities for personal development, rather than viewing them as failures,” she explained.
When it comes to building wealth, she said having a growth mindset is important, because it allows you to embrace new opportunities, learn from your mistakes and stay determined in the face of obstacles.
“It’s like having a positive attitude that says, ‘I can learn and improve, and setbacks won’t discourage me,'” she said.
Take Calculated Risks
Building wealth often involves taking risks, said Wang, but it’s not about being reckless.
“It’s about carefully evaluating the potential risks and rewards before making investment decisions or starting a business,” she explained. “It’s… weighing the pros and cons, doing your research and seeking advice from experts.”
She added that taking calculated risks also means being smart about diversifying your investments and managing potential downsides.
“It’s about being willing to step out of your comfort zone and seize opportunities that have the potential for financial growth,” she said.
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Surround Yourself With Success-Minded Individuals
“The people you surround yourself with can have a significant impact on your mindset and actions when it comes to building wealth,” said Wang.
“Surrounding yourself with success-minded individuals means being in the company of people who share your goals and aspirations,” she explained. “It’s like having a supportive network that motivates and inspires you to strive for success.”
These can come in the form of mentors, friends or members of communities or groups who are focused on achieving financial success.
“By surrounding yourself with these like-minded individuals, you can learn from their experiences, gain valuable insights and find opportunities for collaboration and growth,” she said.
Embrace Delayed Gratification
Delayed gratification, according to experts, is about resisting the temptation of immediate rewards in order to achieve long-term goals.
“It means making smart financial choices by avoiding impulsive purchases or extravagant spending and instead saving and investing for the future,” Wang explained.
By delaying gratification and making wise financial decisions, she said you can gradually build wealth and enjoy greater financial security in the long run.
“It requires discipline and self-control, but the payoff is worth it.”
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This article originally appeared on GOBankingRates.com: 7 Wealth Creation Rules: The Mindset Changes That Will Set You Free